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Similarities and Differences Between Entrepreneurial Venture

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Added on  2020-06-04

Similarities and Differences Between Entrepreneurial Venture

   Added on 2020-06-04

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Entrepreneurship
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and typology of entrepreneurship ....................1P2 Similarities and differences between entrepreneurial ventures.............................................3TASK 2............................................................................................................................................4P3 Impact of small and micro business on an economy.............................................................4P4 Contribution of small businesses on growth of social economy............................................7TASK 3............................................................................................................................................8P5 Characteristics, traits and skills of Entrepreneurs .................................................................8P6 Reflection of entrepreneurial personality and motivation on their Mindset........................10TASK 4..........................................................................................................................................10P7 How background and experience can foster or hinder entrepreneurship.............................10CONCLUSION..............................................................................................................................11REFERENCES .............................................................................................................................12
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INTRODUCTIONIn this modern era, entrepreneurial development has become is very crucial for growthand success of an economy. Objectives of regional growth, industrial development andemployment generation is based on entrepreneurial advancement. In other words, creates jobopportunities for youth, higher living standard and raised per capita income and revenue togovernment in terms of sales taxes, balanced regional development as well as import or exportduties (Bacq and Janssen, 2011). Entrepreneurship involves regular search of new thoughts orideas so as to deliver something unique to customers. In UK, there are several entrepreneurialventures are being established rapidly as they meet local needs of people, over 2.5 millionindividuals are self individuals. Apart from this, the report will discuss various types ofentrepreneurial ventures and its typology as well. SME's put a huge impact on social economy byrendering quality of life for people. Furthermore, readers will also come to know aboutcharacteristics, skills and traits of successful entrepreneurs. TASK 1P1 Different types of entrepreneurial ventures and typology of entrepreneurship The word entrepreneur means to establish a new business venture by undertaking allrisks, is called entrepreneurship. Its a process of actions of an individual who is always gettinginvolved in searching of new then exploit these ideas with an aim of gaining better opportunities.An entrepreneur accepts all risks and uncertainties while carrying out working activities. Alongwith this, entrepreneurship is an economic activity because it encompasses with a initiation of awhole business enterprise with an aim to create wealth by assuring optimal utilisation ofavailable resources. Since this worth activities are performance regularly in inside ofambivalent business environment, hence it can be said that entrepreneurship is considered aimpulsive force (Barringer, 2012). Entrepreneurial ventures create new wealth for existing business which helps them toremain the scope of target markets. Advanced and attractive products or technology fromentrepreneurs, helps in developing new markets as well as wealth for the country. It enhancesemployment which will contribute in improving national income in terms of higher governmentspending and tax revenues. This income will use by government by investing in struggling areasand human capital. 1
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Types of entrepreneurial ventures: - Depending on the level of willingness in order tocreate innovative ideas there are different types of entrepreneurs, such are stated as under: - Innovative entrepreneurs – Such entrepreneurs are capable to think new, better andadvanced ideas in order to improve business organisation and administration. Innovativeentrepreneurs are known as market leaders and highly contribute in economicdevelopment of a nation. Their prime objective is to provide unique products to societyfor improving their living standard (Butler, 2012). Ideas and thought are generated byentrepreneurs execute in firms in a productive manners; it ensures high profitability andsales revenues in future. They pursue to get distinguished technologies for promotinginnovations and always incubates new range types of product for customers. Imitating entrepreneurs - It simulate with a specific good or service which will serve inmarket under a franchise contract. Initiate entrepreneurship is the way that aids to spreadtechnology across the world. It acquires a new technology or an existing ones bymarking certain modifications with an aim of attaining high competitive edge. Fabian entrepreneurs – The term 'fabian’ refers with ‘an individual who is seekingtriumph by delay instead of a decisive battle’. These entrepreneurs are the persons whodoesn't show their initiatives in participation of new ideas and thoughts. They wait forcertain developments as implement them in their business practices so as to attainbusiness goals and objectives (Dacin, Dacin and Tracey, 2011). Drone entrepreneurs – These entrepreneurs consists with those persons who satisfiedwith their existing business activities and don't want to any inclination in attainingmarketing growth and leadership. Furthermore, drone entrepreneurs are whollyconservatives and always ready for suffering business loss. Social entrepreneurs – The prime motive of social entrepreneurs is to achieve socialdevelopment by improving living standard and eduction level of people. Socialentrepreneurs emphasis on poverty alleviation and increasing health and dare to get ridout from these practices. Typology of entrepreneurship: - The skeptical entrepreneur – These entrepreneurs are the person who believe in luck ormiracles. Skeptical entrepreneurs sees success of others and put a question on the same; theytries to determine the success mantra of others. Such people thinks that an individual gain2
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